Helen MacNeill FCA examines the new quality management standards, focusing on ISQM (UK) 1, effective from December 2022 and what it means for audit firms
The Financial Reporting Council (FRC) has accused KPMG and ex partner David Costley-Wood of being ‘untruthful’ in its defence of the Silentnight audit investigation
Big Four audit firm EY and audit engagement partner Mark Harvey have been handed a fine of £3.5m from the Financial Reporting Council (FRC) for audit failures relating to the Stagecoach audit in 2016-17
The Financial Reporting Council (FRC) has issued revised quality management standards for an audit firm’s responsibilities to design, implement and operate a system of quality management
As the audit profession waits for the final details of the government’s proposed audit reforms, the Financial Reporting Council (FRC) has issued a revision of its UK auditing standard ISA (UK) 240 on the responsibilities of auditors relating to possible fraud
Michelle Roberts ACA and John Selwood ACA consider the most frequent questions received on sampling following recent changes to the Croner-i Navigate Audit tools for best practice improvements in this area
The Financial Reporting Council (FRC) has agreed a Memorandum of Understanding on Reciprocal Arrangements (MOURA) with IAASA, the Republic of Ireland (ROI) competent authority, minimising disruption to cross-border audits
Grant Thornton is facing a £200m lawsuit brought by the administrators of collapsed café chain Patisserie Valerie, seeking damages in respect of the firm’s audits for the financial periods September 2014 to September 2017
UK banks have been given the green light by the Prudential Regulation Authority (PRA) to begin paying shareholders dividends again, after pay-outs were halted at the start of the pandemic in March
The Court of Appeal has dismissed an attempt by Grant Thornton to overturn a record £22.6m claim for damages brought by former client AssetCo over the firm’s failure to spot a fraud at the AIM-listed company, which nearly collapsed as a result of an accounting scandal
The European Securities and Markets Authority (ESMA) has announced a fast-track review of the German financial reporting system, in response to Wirecard’s insolvency following the discovery of a €1.9bn (£1.7bn) hole in its accounts
MPs have hit out at the slow progress of audit reforms, including establishing the successor body to the Financial Reporting Council (FRC), accusing the government of dragging its feet on the changes promised in the wake of a series of high profile corporate failures and industry reviews
From crumbs to corporate collapse, the way fraudsters cook the books has changed little, although the ingredients have become far from immaterial, warns Emile Woolf
The Financial Reporting Council (FRC) has hit a legal stumbling block in its efforts to require Sports Direct to provide legally privileged documents as part of its probe into Grant Thornton’s auditing of the retailer’s 2016 accounts
In this month’s audit updates, Mazars wins AIG UK audit, Carillion audit probe delayed, global audit ethics overhauled, corporate governance tick box approach slammed, and independence call for local audit oversight.
